September is a key month for Berthon with boat shows in Newport, Rhode Island, Cannes and Southampton. They provide a focus for brokerage yacht buyers and sellers alike and enable us to assess market trends. Of course it will take a few weeks before this all shakes out but the initial take aways are as follows:
The market is showing a lot of activity but it is brittle. A number of yacht buyers go to the edge of offer and contract before retrenching to consider their position further.
Numbers of yachts coming to the market are much greater than for the 2022/2023 winter. This is evident across all our markets.
The yacht refit market is hot with yachtsmen committing to significant upgrades and refits of existing yachts for further adventures rather than buying.
We expect the sportsboat market to cool as the summer weather does the same. However, this year, the reverse has been the case with a lot of interest and sales in this segment.
The various boat shows have been a positive catalyst for yacht search. Particularly interesting have been a number of clients travelling to the Cannes Show from as far away as the southern hemisphere and putting aside a couple of weeks to look at brokerage yachts in the Mediterranean and Northern Europe.
Those buying for the British market that we would normally expect to focus on the quality end of the brokerage market are buying new to take advantage the ex-VAT status, as so many of the brokerage options are EU VAT paid but non UK VAT paid and they don’t want to pay VAT twice.